Who would need this AI tool?
A business analyst need some business intelligence applications or tools (for example http://www.sas.com) and employ some methods to build a statistical model for the data he/she is analysing. But what if instead of laborious work to build a statistical model (even though SAS or other classical tools allow for this), a machine learning tool could help the statistician during this process and finally make his/her life easier?
A statistical model, if proven correct, will eventually anticipate consumer behaviour. These means a lot of opportunities for cross selling, inventory prediction (that will be prepared according to the model – see seasonalities, for example, that the statistical model will take into consideration in its prediction) and a bunch of good things will be anticipated.
Using business intelligence and analytics tools a statistician digs into data when building such a model. Someone said the other day that a company will build over a pre-defined period of time from 5 to 7 statistical models, out of which one of them will eventually work.
Pecan is for those who want to bring the power of machine learning to their data analysis, but lacks the skills to do it.
The Pecan AI tool includes a series of templates designed to answer common business questions divided into two main categories. The first is customer questions and the second is about business operations questions, i.e. related to things like risk.
There is also a third possibility: build your own template, but apparently this defeats the purpose (simplicity) because Pecan CEO Zohar Bronfman says that building your own is really for more advanced users.
The innovation started from the problem defined as much of the work involved in building machine learning models is about getting data in a form that the a machine learning algorithm can consume.
“The innovative thing about Pecan is that we do all of the data preparation and data, engineering and data processing, and [complete the] various technical steps [for you],” Bronfman explained.
Total raised by the startup so far: $15 million. The platform is builded since 2016 and Pecan has been working with beta customers for the last 18 months.
I like how AI is supposed to help human and make their life easier. This tool could be an example of such good “cooperation”.